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Getting Pre-Approved For The Loan, Not As Boring As It Sounds

istock_000003604291xsmallIt goes with out saying that the getting a loan could be the biggest factor in determining whether or not a buyer is able to successfully close on a property.

Along with a home or property inspection, I would say that 80% or more of the challenges that come up in buying a home in Big Bear fall into these two areas.

Paying cash? Great, but you are one of the very few these days.  With tighter lender standards in this market, especially in the jumbo loan category (over $417,000 for my area), getting your loan in order should priority numero uno!

That said, if you are a buyer, it does make a lot of sense to at least speak with a lender prior to starting your home search.  Particularly in Big Bear, where the majority of properties bought are used for second homes or vacation homes.  Most lenders will have different lending criteria (amount down, terms, interest rate) when dealing with a second home purchase.

Here are a few thoughts I had about talking with a lender and getting pre-approved for the loan prior to beginning your search for a property, and the benefits of such.  Check out the video below.

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Like the video above?  Check out some of my other video posts.

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